MV Agusta CEO Giovanni Castiglioni has announced that the company has received approval from the Court of Varese, Italy, for the industrial plan put forward with the backing of international investment company Black Ocean Group on 17 November 2016.
The plan included a binding agreement made for a capital increase in the Italian motorcycle maker with the aim of consolidating MV’s leadership in the production of high-end motorcycles.
Black Ocean, which is part of the international holding Ocean Group, is an investment group with offices in New York, London and Luxembourg. The company has invested and built a diverse group of businesses spanning technology investments, private aviation, real estate, agriculture and now one of the world’s most iconic motorcycle brands.
“In the last 12 months, the implemented measures have brought MV Agusta back into positive cash- flow generation, allowing the company to accomplish the targets set in its plan and to consistently support product development and consolidation of our main markets”, Castiglioni said.
|CEO Giovanni Castiglioni: “In the last 12 months, the implemented measures have brought MV Agusta back into positive cash-flow generation, allowing the company to accomplish the targets set in its plan”|
“MV Agusta has a completely new product line, born from five years of heavy investments that, along with our iconic brand, represent the key elements to support our growth and our clients’ demand”.
In other news, MV Agusta announced in January that it would be represented in the United States by a new import business that is an extension to their existing business relationship with Australian importer Joseph Elasmar’s Urban Motor Group Pty Ltd.
MV Agusta USA Llc, the existing vehicle for the sales of MV Agusta motorcycles in the US market, is now being led by Urban through a specific and dedicated business unit being managed directly by Elasmar, who will run the USA team to develop and reinforce the MV Agusta brand position in USA.
In Australia, Urban Motor Imports is the distributor for a number of motorcycle brands in addition to MV Agusta, including Royal Enfield, Bimota, Benelli, Confederate Motorcycles and the now defunct EBR (Erik Buell Racing).
On March 18 MV Agusta USA supported riders Taylor Knapp (18th) and Christian Cronin (61st/DNF) in the 76th Daytona 200 race on-board MV Agusta F3 675s; privateer Alex Arango finished 33rd, also on an F3 675.